This Privacy Policy explains how BenevoLoan collects, uses, discloses, and protects your personal information when you access and use the BenevoLoan mobile application (the "App"). The App is operated by BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED ("we," "us," "our," or "Company") and facilitates loans provided by our authorized Loan Provider/Lender, JAI BABA FINANCE COMPANY PRIVATE LIMITED, a Non-Banking Financial Company (NBFC) registered and regulated under Indian law.
By accessing or using the App, you consent to the collection, use, and disclosure of your personal information as described in this Privacy Policy. If you do not agree with this Policy, please discontinue use of the App immediately.
Platform: BenevoLoan
Service Provider: BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED
Loan Provider/Lender: JAI BABA FINANCE COMPANY PRIVATE LIMITED
BenevoLoan is a digital loan service platform operated by BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED, which acts as the service provider. The primary function of the platform is to facilitate loan services, including application, approval, and repayment, on behalf of the Loan Provider.
The Loan Provider, JAI BABA FINANCE COMPANY PRIVATE LIMITED, is a Non-Banking Financial Company (NBFC) registered under Indian laws. As a certified NBFC, it is authorized to offer loans and manage related financial services. The Loan Provider has appointed and authorized BenevoLoan to provide loan services through its platform.
Service Provider
Company Name: BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED
CIN: U82990DL2023OPC420852
Country of Registration: India
Loan Provider/Lender
Company Name: JAI BABA FINANCE COMPANY PRIVATE LIMITED
CIN: U65910UP1995PTC019184
Registered Entity Type: Non-Banking Financial Company (NBFC)
Country of Registration: India
Loan Amount: ₹1,000 to ₹1,00,000
Interest Rate: 0.05% per day
Flexible Terms: 90 to 180 days
Maximum APR: 18.25%
Service Fee: 0-5% (inclusive of 18% GST)
Example Calculation:
If you borrow ₹10,000 for 90 days:
Daily Interest: ₹10,000 × 0.05% × 90 days = ₹450
Service Fee (0% Example): ₹10,000 × 0% = ₹0
Amount Received: ₹10,000 - ₹0 = ₹10,000
Repayment Amount: ₹10,000 + ₹450 = ₹10,450
Basic Data:
We collect various types of personal information to provide and enhance our services. This includes your phone number and OTP (one-time password) for login, educational background, marital status, family income and expenses, employment status, monthly income, years of work experience, pay date, and profession.
We also collect your PAN number, Aadhaar card number, facial recognition data, banking details such as your bank account number and IFSC code, and contact information including relationships, names, and phone numbers.
Additionally, we gather data from Credit Information Companies (CIC) to evaluate your creditworthiness and maintain records of your transactions on the platform.
We track your interactions with the app, such as page views, navigation patterns, and engagement metrics, to deliver, personalize, maintain, and improve our services.
Device Information:
We may access certain settings on your device to support app features and services. This includes your device's camera, location, and SMS.
When you access BenevoLoan, a pop-up will appear asking for permission to access your SMS and location data, ensuring transparency before any data collection begins. You have the option to allow or deny these permissions, and data collection will only start after you grant the necessary permissions and proceed to the login page.
The camera will be used for identity verification on the facial detection page.
Basic Data Usage:
We use the personal information such as name, phone number, PAN card, and Aadhaar card you provide to verify your identity, assess your eligibility for our services, and customize your experience within the app.
Your educational background, marital status, family income and expenses, employment status, monthly income, years of work experience, pay date, and profession help us tailor loan offers and financial advice that suit your needs.
PAN and Aadhaar card numbers, along with facial recognition data, are used for identity verification and fraud prevention. We utilize your banking details, such as your bank account number and IFSC code, to facilitate loan disbursement and repayment processes.
Information from Credit Information Companies (CIC) helps us evaluate your creditworthiness and determine your eligibility for loans. Transaction records and app interaction data, including page views, navigation patterns, and engagement metrics, are analyzed to enhance user experience and personalize the services we offer.
Camera: Used to capture photos for identity verification, ensuring a secure and accurate authentication process.
Location: Helps verify your address, offer region-specific services, and prevent fraudulent applications.
Credit Score: Required to assess your creditworthiness, reduce fraud risks, and streamline loan approvals.
SMS: Used to analyze recent financial transactions and generate a credit report, essential for risk assessment and loan eligibility. Without this, we cannot process your application.
Device ID: Collected via third-party SDKs (Firebase, Adjust) to optimize app performance, track feature usage, prevent fraud, and enhance security.
We are committed to protecting your personal data and ensuring its privacy and security. We may share your information with third parties only under the circumstances outlined below:
Affiliates and Subsidiaries:
We may share your personal data with our affiliates and subsidiaries, including BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED, to provide, maintain, and improve the services offered through the BenevoLoan app. This sharing is conducted under strict confidentiality agreements and in accordance with applicable data protection laws.
Service Providers and Partners:
We may disclose your personal data to trusted third-party service providers and partners who assist us in operating our app, providing services to you, or conducting our business.
These third parties include, but are not limited to, credit information companies (CIC), data analytics providers, customer service providers, payment processors, and IT support. All third-party service providers are required to use your personal data solely for the purposes of providing services to us and must adhere to strict data privacy and security standards.
Legal and Regulatory Authorities:
We may disclose your personal data to government authorities, regulators, or law enforcement agencies if required to do so by law or if we believe in good faith that such action is necessary to comply with a legal obligation, protect and defend our rights or property, prevent fraud, or protect the safety of our users or the public.
With Your Consent:
We may share your personal data with other parties if you provide explicit consent for us to do so. For example, if you consent to participate in promotional activities, surveys, or use third-party services linked through the app.
Third-Party Advertisers and Analytics(Fairbase and Adjust SDK):
We may share certain non-personally identifiable information, such as aggregated or anonymized data, with third-party advertisers and analytics providers to help us improve our services and provide tailored advertising. This data cannot be used to identify you individually.
We retain your personal data only for as long as necessary to provide our services, comply with legal obligations, resolve disputes, and enforce our agreements. The retention periods vary based on the type of data:
Account Information: Retained as long as your account is active or as required to provide services. Once your account is closed, we may keep data for a limited time to comply with legal obligations.
Loan and Financial Data: Kept for as long as required by financial regulations and to comply with legal requirements from authorities like the Reserve Bank of India (RBI).
Transaction Data: Maintained for analysis, service improvement, and regulatory compliance, often in a non-personally identifiable form.
Marketing Preferences: Retained until you opt out of communications or for a period required by law to respect your preferences.
Legal Compliance: We may retain data longer if required to comply with laws, respond to legal requests, or protect our rights.
Security and Minimization: We aim to collect and retain only necessary data and securely delete or anonymize data when no longer needed.
As a user of BenevoLoan, you have specific rights regarding your personal data, which we are committed to respecting:
Right to Access: You can request a copy of the personal data we hold about you, along with details on how we use it.
Right to Rectification: If any of your information is incorrect or incomplete, you have the right to request corrections.
Right to Erasure: You can request the deletion of your personal data when it is no longer necessary for the purposes for which it was collected, or if you withdraw your consent. This right is subject to certain legal exceptions.
Right to Restrict Processing: You may request that we limit the processing of your personal data under certain circumstances, such as if you contest the accuracy of the data or if the processing is unlawful.
Right to Data Portability: You have the right to obtain your personal data in a structured, commonly used, and machine-readable format, and to transfer it to another data controller where technically feasible.
Right to Object: You can object to the processing of your personal data for direct marketing or any other purpose where you feel it impacts your rights and freedoms.
Right to Withdraw Consent: If we process your data based on your consent, you have the right to withdraw that consent at any time, which will not affect the lawfulness of processing based on consent before its withdrawal.
BenevoLoan is not intended for use by individuals under the age of 18. We do not knowingly collect personal data from children under 18. If you are under 18, please do not use our services or provide any personal information through the app. If we become aware that we have inadvertently collected personal data from a child under 18, we will take steps to delete such data as soon as possible.
We may update this Privacy Policy from time to time to reflect changes in our practices, technology, legal requirements, or for other reasons. We will notify you of any significant changes to the Privacy Policy by posting the updated version on our app or website and indicating the date of the latest revision. We encourage you to review this Privacy Policy periodically to stay informed about how we protect your information. Your continued use of the app after any updates constitutes your acceptance of the new terms.
By using BenevoLoan, you consent to the collection, use, and disclosure of your personal data as described in this Privacy Policy. You also agree to the terms and conditions set forth in this policy. If you do not agree with any part of this Privacy Policy, please do not use our app. Your consent may be withdrawn at any time, but this will not affect the lawfulness of processing based on consent before its withdrawal.